Tether Announced the Upcoming Launch of a Bitcoin Mining Operation in Uruguay

Updated: 31 May 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

Tether, the company that launched Tether (USDT), announced recently that it has decided to launch a Bitcoin (BTC) mining operation.

However, the company has selected a very specific location to do so, announcing that it will do it in Uruguay.

Mining Bitcoin in Uruguay

The announcement was published yesterday, May 30th, when the issuer of the world’s largest stablecoin said that it would start a mining arm in the South American country.

Tether is not doing it alone but rather collaborating with a local, licensed firm. Apart from mining BTC, the firm also plans to invest in Uruguay’s energy production.

At Tether, we understand the importance of energy in driving progress & enabling thriving communities. That’s why we’re dedicated to harnessing the power of renewable energy to mine #Bitcoin, the world’s most open & secure monetary network.

Learn More ? https://t.co/LmBQptyobi pic.twitter.com/VrG20OnE1Z

— Tether (@Tether_to) May 30, 2023

The company chose this country because 94% of the energy that Uruguay uses comes from renewable sources, including wind and solar power.

With that being the case, Tether’s new venture will use renewable energy for sustainable Bitcoin mining.

The stablecoin issuer’s CTO, Paolo Ardoino, said,

By harnessing the power of Bitcoin and Uruguay’s renewable energy capabilities, Tether is leading the way in sustainable and responsible Bitcoin mining.

Ardoino added that the firm’s unwavering commitment to renewable energy would ensure that each BTC that the firm mines will leave a minimal ecological footprint.

Apart from using wind, solar energy, and potentially hydropower, Tether praised Uruguay for its reliable grid.

The company intends to hire additional team members for its new Uruguay venture. However, according to the job listings on its website, Tether might also be looking into expanding into Brazil and even South Africa.

Before announcing its decision to start mining Bitcoin in Uruguay, Tether revealed plans to regularly allocate up to 15% of its profits toward Bitcoin purchases.

According to its Q1 2023 report, Tether holds around $1.5 billion in BTC. This represents 2% of the company’s total reserves.

The firm said that most of its holdings are still in cash or cash equivalents and that anything that is not in the form of cash is being held in the US Treasury bills.

Tether is taking steps toward becoming a global tech leader

The company’s new move will also allow it to expand its reach from finance and communications into the energy sector.

Tether is quite open about its goals and motivations, and its announcement says that it plans to become a global tech leader.

With the new initiative, the company is openly committing to energy innovations and seeking ways to combine renewable energy with digital assets.

The firm will even invest in renewable energy sources to promote sustainable Bitcoin mining and lead the way in reducing the carbon footprint that comes with Bitcoin mining.

Since Uruguay became the global leader in renewable energy, it might also become a new crypto-mining hub.

The crypto industry has been searching for a way to make Bitcoin become greener for a long time, and those efforts further increased in May 2021 when Elon Musk announced that Tesla would stop accepting BTC payments due to the coin’s carbon footprint.

PlayDoge (PLAY) - Newest ICO On BNB Chain

Rating